Under the arrangement, AMP SMSF will wholly acquire YourSMSF, the daily and annual administration business of Supercorp, as reported by InvestorDaily's sister publication SMSF Adviser yesterday.
In addition, AMP SMSF will also be taking a 19.4 per cent stake in Supercorp software Supermate.
“Building scale and efficiency in our SMSF administration systems and processes is a priority for us as it will mean a better overall experience for our customers,” AMP SMSF managing director Paul Sainsbury said.
“Technology is a key enabler in this market, so we’re also pleased to be investing in Supercorp’s software solution, Supermate, and we look forward to working closely with them on future technology developments.”
The announcement follows a series of moves by AMP in the SMSF space, including the acquisition of ANZ-owned SMSF administration business Super Concepts last week, and the key appointment of former head of nabtrade Tim Keegan as head of SMSF for AMP Capital at the end of October.
Mr Sainsbury said the Supercorp acquisition reflects AMP SMSF’s focus on “growth and the customer experience".
“SMSFs are the fastest growing superannuation segment, and the addition of a further 1,200 accounts through our acquisition of YourSMSF positions us well for further growth and cements our leading position in the SMSF administration market,” he said.
AMP is in the process of contacting Supercorp’s YourSMSF customers about the acquistion, and both companies are working to ensure customers are not disrupted.
